Blockchain
Binance cleared to operate in India, subject to a $2.25-million fine and compliance
Binance, the world’s largest cryptocurrency exchange, received a notice on Wednesday from India’s Financial Intelligence Unit (FIU-IND), which fined it $2.25 million (₹18.8 crore) for operating without complying with domestic anti-money-laundering regulations before December 2023. This means the exchange has now been cleared to operate in India, provided it pays the fine and complies with regulations.
In its notice, FIU-IND stated that the fine was imposed “due to Binance’s ongoing provision of services to Indian clients and operations within India, without adhering to its statutory obligations under the Prevention of Money Laundering Act (PMLA), 2002.” The company was issued a notice under Section 13 of the PMLA on December 28, 2023. The notice, a copy of which Mint has seen, added, “Specific directions have been issued to Binance to ensure diligent compliance with the obligations outlined in Chapter IV of PMLA.” Entities that represented Binance before FIU-IND included its facilities in the Seychelles, Cayman Islands, and Switzerland.
On May 10, Mint reported that Binance and fellow cryptocurrency exchange Kucoin were set to be cleared to operate in India after being suspended by FIU-IND in December. Vivek Aggarwal, director of FIU-IND, told Mint last month that the exchange was under scrutiny and had made representations to the unit, which is affiliated with the finance ministry. An email sent to Binance did not elicit an immediate response.
Binance, which has no designated global headquarters, has courted controversy worldwide. In November 2023, its founder and erstwhile chief executive Changpeng Zhao pled guilty to money laundering charges by the US Securities and Exchange Commission. He subsequently stepped down as chief executive and agreed to a $4.3-billion settlement.
In November 2019, Binance had announced the acquisition of Indian crypto exchange WazirX. Zhao said at the time, “The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India.” But in August 2022, Zhao claimed his firm had never finalized a deal to acquire WazirX, days after the homegrown platform was accused of evading oversight by local agencies.
Binance’s potential return to the Indian market could mean more trouble for homegrown exchanges. India’s cryptocurrency industry has been in the doldrums since 2022, when the union government introduced a 30% tax on crypto earnings and a 1% tax deducted at source (TDS) on every crypto trade. Since then, daily average trades on India’s largest exchanges, WazirX and CoinDCX, have cratered by up to 90%. A senior executive at one of India’s top crypto firms, who did not wish to be named, said, “Given that Binance holds the world’s largest liquid reserves of crypto tokens and the largest variety of token listings, many traders are likely to resume trading on the platform or move to it. This is likely to hurt homegrown exchanges’ growth this year.”
Other stakeholders said that if Binance complies with the rules, India’s crypto market will benefit from a major player’s return. Aggarwal, however, had said in May that taxes and fines “should not be considered proof of the legitimacy of the cryptocurrency industry.” He said, “Whether cryptocurrencies are legitimate or not should depend on dedicated regulations, which are yet to be taken up by Parliament and policymakers. Adherence to laws is a base requirement of all companies that are registered in India and offer services to Indian consumers. This has nothing to do with legitimizing the crypto industry.”
Source: livemint.com
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Blockchain
Blocks & Headlines: Today in Blockchain – January 30, 2025 (Dogecoin, U.S. Army, DeepSeek, Web3)
Introduction
The blockchain and cryptocurrency industry continues to evolve, with major advancements in institutional adoption, regulatory modernization, and innovative applications. Today’s roundup covers Dogecoin’s new blockchain strategy, the U.S. Army’s use of blockchain for tracking aid, notable blockchain startups, domain challenges for Web3 companies, the first AI blockchain agent, and Luxembourg’s legal updates for custody chains. Let’s break down the biggest headlines shaping the future of blockchain technology and decentralized finance.
Dogecoin Unveils Strategic Blockchain Movement
Expanding Beyond a Meme Coin
Dogecoin, often viewed as a lighthearted cryptocurrency, is making serious strides toward blockchain utility with a new strategic initiative aimed at expanding its use case beyond simple transactions. The Dogecoin Foundation has announced plans to integrate layer-2 solutions, smart contracts, and interoperability features, potentially positioning DOGE as a serious competitor in the decentralized finance (DeFi) space.
This move signals a shift in the perception of Dogecoin, which has long relied on community-driven momentum. With the new strategy, DOGE could become an integral part of the growing Web3 ecosystem.
Source: Crypto Briefing
U.S. Army Utilizes Blockchain for Aid Tracking in Ukraine
Military Adopts Emerging Tech for Transparency
The U.S. Army is leveraging blockchain, big data, and generative AI to track billions of dollars in aid sent to Ukraine. This marks a significant step in blockchain’s adoption by governments and defense agencies to enhance transparency and prevent fraud.
By using blockchain for immutable record-keeping, military officials aim to improve logistics tracking, reduce inefficiencies, and ensure secure auditing of aid distribution. This could set a precedent for future government adoption of blockchain-based verification systems.
Source: Breaking Defense
10 Blockchain Startups to Watch in 2025
Innovation Driving the Next Wave of Web3
A new report highlights ten emerging blockchain startups poised to disrupt industries from finance to supply chain management. These companies are working on scalable smart contracts, decentralized identity solutions, and improved cross-chain interoperability.
Among the standout names are startups focusing on privacy-preserving transactions, institutional DeFi tools, and real-world asset tokenization, reinforcing blockchain’s growing role in mainstream finance and enterprise adoption.
Source: Yahoo Finance
Web3 Companies Struggle with Domain Name Challenges
Decentralization vs. Traditional Domain Ownership
As blockchain companies push forward with Web3 adoption, many are encountering significant hurdles in securing relevant domain names. Unlike traditional domains governed by ICANN, blockchain-native domains such as .crypto and .eth exist outside standard regulatory frameworks, leading to disputes and accessibility issues.
Industry experts are calling for greater collaboration between blockchain projects and domain registrars to ensure seamless Web3 adoption while maintaining online accessibility for users.
Source: Domain Name Wire
Klaus Agent Becomes the First Blockchain AI to Use Custom DeepSeek Model
AI and Blockchain Converge
The Klaus Agent, an AI-powered blockchain agent, has integrated the DeepSeek AI model to enhance decision-making, smart contract automation, and decentralized application (dApp) intelligence. This innovation represents a major step in merging artificial intelligence with blockchain networks, allowing for more sophisticated automation in DeFi, NFT trading, and DAO governance.
As AI and blockchain continue to converge, the potential for autonomous smart contract execution and predictive analytics is expected to grow, leading to more efficient decentralized systems.
Source: GlobeNewswire
Luxembourg Modernizes Custody Chain Laws for Blockchain
A Legal Framework for Tokenized Assets
Luxembourg, a key financial hub in Europe, has updated its custody chain regulations to accommodate blockchain-based assets. These changes are designed to facilitate institutional adoption of tokenized securities and digital asset custody solutions.
By providing a clear regulatory framework, Luxembourg aims to attract fintech firms, investment funds, and digital asset custodians, further strengthening its position as a leader in blockchain finance.
Source: National Law Review
Conclusion
The latest blockchain developments underscore the rapid evolution of the industry, from Dogecoin’s strategic shift to military adoption of blockchain for transparency. As AI and blockchain begin to merge, and governments refine regulations, we are witnessing a pivotal moment in decentralized technology.
With institutional interest growing and regulatory frameworks taking shape, blockchain and Web3 technologies are moving closer to mainstream acceptance. Stay tuned for the next Blocks & Headlines briefing as we continue to track the most significant trends shaping the future of decentralized finance and digital assets.
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Blockchain
Fintech as a Service Business Research Report 2025: Global Market to Reach $1.1 Trillion by 2030 from $387 Billion in 2024 – SMB Adoption of Fintech Services Spurs Market Expansion Opportunities
Fintech as a Service (FaaS) Market
Blockchain
From Apes to Humans: ApeChain Joins Humanity Protocol’s zkProofer Network to Scale Proof of Humanity
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